Danske Bank aims to transform operations with the help of AI
Digital transformation is integral to developing various economic sectors, including banking. Many financial institutions are already implementing advanced technologies in their business processes. One of them is Danske Bank, the largest commercial bank in Denmark.
The financial institution has announced increased investments in generative artificial intelligence. Employees are already working with the new AI tools. The programmes help with internal tasks and also improve customer service.
As part of its ‘Forward’28 strategy, the Bank is increasing its investment in AI. It reflects the company’s ambition to transform its operations with intelligent systems in mind. For now, Danske Bank’s management is testing the possibilities of generative AI and its benefits for the industry. The bank aims to:
– simplify employee activities;
– deduce workload by automating routine tasks;
– decrease the likelihood of errors, increasing productivity;
– improve the quality of customer service.
Tools and software
The company has implemented several AI tools that employees use. Among them:
1. DanskeGPT is a chatbot designed for internal use by employees;
2. Microsoft 365 Copilot, which acts as a support tool for validation and proof of concept;
3. GitHub Copilot helps generate software code and improve programs.
Introducing new AI solutions is one of the bank’s steps towards large-scale change. For example, it plans to move processes to the cloud and introduce new applications in the near future.
Danske Bank’s Frans Velders said the company wants to use digital technologies to strengthen different business areas. This will increase the efficiency of its operations and ensure security. By automating routine processes, employees can focus on providing personalised services.
Employees are already actively using DanskeGPT, while the other tools are in the testing phase. All AI solutions must be as compatible and tailored to the banking industry. The tools should become reliable assistants for employees. It is not just a chatbot that allows you to write a CV or create a presentation. GitHub Copilot, for example, will enable you to improve software code and thus extend the functionality of programmes.
Business overview
Danske Bank is a leading player in the Nordic banking sector. It serves more than 5 million customers. The merger of several financial groups in Denmark created the company in 1990. By the 2000s, Danske Bank had become the largest in the region. In addition to Denmark, it operates in 16 countries. These include Germany, the UK, India and the US.
About 50% of the bank’s revenue comes from interest income. It also has a significant share of the lending market. In Denmark, for example, it is almost 30%, and in Finland it is around 10%.
